The House of Representatives on Wednesday approved the Medium Term Expenditure Framework (MTEF), the Fiscal Strategy Paper (FSP), and put the total government’s proposed expenditure for the fiscal year at N13.08 trillion
The approval of the proposed budget by the lawmakers was sequel to the unanimous adoption of a report presented by the Chairman, House Committee on Finance, Hon. James Faleke.
A further analysis of the report figures showed that the lawmakers approved a total recurrent (Non-Debt) of N5.67 trillion, N3.58 trillion for personnel costs, N350 billion for special intervention recurrent and N20 billion for capital.
The House projected daily crude oil production at 1.86 million barrel per day (mbd) and the benchmark oil price at $40 per barrel.
It projected an exchange rate of N379/$ and GDP growth rate was put for 3.00 per cent while inflation growth rate was forecast at 11.95 per cent.
Other analysis of the proposed budget provisions showed that te fiscal deficit was put at N5.20 trillion and new borrowings from both foreign and domestic creditors was estimated N4.28 trillion
The lawmakers also approved N484.49 billion for statutory transfers, N3.12 trillion for debt service and N220 billion as Sinking Fund while N520.69 billion for pension, gratuities and retirees’ benefits.
In the report, the Chairman of the Committee accused the revenue generating agencies for poor remittances and urged the lawmakers to amend the relevant laws to further restrict the agencies from engaging in frivolous expenditures.
For instance, the lawmaker disclosed that the sum of N1.4 billion outstanding remittance was discovered in one of the agencies between 2018 and 2019.